Alberta Star Drills and Cases Another Well and Proceeds With Its Three Well/Phase-2 Drilling Program at Landrose, Saskatchewanadmin
Alberta Star Development Corp. announces that the Company has successfully drilled and cased its first well (50% working interest to the Company) in its Phase 2 Drilling Program in Landrose, Saskatchewan. The Company’s Phase 2 Drilling Program is scheduled to consist of three wells, the first one on Section 16-50-26-W3M and two wells scheduled to be drilled on Section 6-50-25-W3M. The first well was successful in targeting the McLaren formation, and production from this newly cased well is expected to commence in the next 7-10 days. The drilling rig has been released and is being mobilized to start drilling the other two Landrose drilling locations located on Section 6-50-25 W3M, with both wells expected to be drilled and completed within the next two weeks. The Company holds a 50% working interest in the three (3) wells being drilled in Phase-2, at Landrose, Saskatchewan.
Effective December 8, 2010, the Board of Directors granted an aggregate of 910,000 stock options of which 820,000 options are granted to directors, officers and an investor relations consultant of the Company. Each option represents the right to purchase one (1) common share of the Company at an exercise price of $0.48 per share for a period of two years. Each option represents the right to purchase one common share of the Company. The grant of options is subject to TSX Venture Exchange approval.